China Current Account

China’s current account surplus widened to $163.8 billion in the fourth quarter of 2024, surpassing the revised $58.5 billion surplus from the same period last year but falling short of the preliminary estimate of $180.7 billion. This marked the largest quarterly surplus on record, driven by a $249.8 billion goods surplus—up from $151.2 billion—as exports surged 11.1%. Meanwhile, the services deficit narrowed to $47.4 billion, down from $57.7 billion a year earlier, while the primary income deficit widened to $43.3 billion from $39.9 billion. The secondary income surplus remained relatively stable at $4.7 billion, compared to $4.9 billion previously. For the full year 2024, China’s current account surplus widened to $423.9 billion, significantly higher than $263.4 billion in 2023.